PhonePe is country’s leading digital payments platform. Credit: Gerd Altmann from Pixabay.

Payment and financial services company PhonePe has received an insurance broking licence from the Insurance Regulatory and Development Authority of India (IRDAI).

The licence will allow PhonePe to offer bespoke insurance recommendations to its users, develop a diverse portfolio of insurance solutions and distribute insurance products from all insurers in the country.

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PhonePe vice president & head of insurance Gunjan Ghai said: “We are building a robust, full-service platform for our deeply engaged customer base through innovative products in partnership with high quality insurers. This move will lead us closer to our goal of becoming a one-stop destination for all the insurance needs of our customers.”

Walmart-backed firm entered the insurance industry in January 2020 as a corporate agent. It offered life, health and general insurance solutions.

PhonePe is country’s leading digital payments platform that claims to cater to over 300 million users.

Last week, it received in-principle approval from the Reserve Bank of India to operate as an account aggregator.

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In June this year, Indian insurance aggregator Policybazaar also secured a broking licence from IRDAI.

Earlier this month, Policybazaar filed for IPO to raise $809.36m.

Policybazaar’s IPO involves an issue of fresh shares worth more than $504m and existing investors will offload shares worth approximately $305m.

India’s insurance giant Life Insurance Corporation (LIC) is also slated to go public by the fourth quarter of the financial year 2022.

LIC’s mega IPO is expected to raise approximately $13.42bn.